Italian brand's Special Projects division set to reveal retro-themed one-off based on 560kW F12.

The next $1 million Ferrari

Ferrari is set to rip the cover off its latest million-dollar custom-made machine.

A single image of the car being built by the Italian's brand's Special Projects operation has been leaked on the internet, showcasing its unique front-end design.

The car is clearly based on the fastest road-legal Ferrari on-sale in Australia today, the 560kW V12-powered F12berlinetta that costs $690,000, but the customised car features an all-new design with styling cues reminiscent of the iconic 250GTO road racers from the 1960s.

The car features revised headlamps, a unique front bumper and a three-slotted bonnet that seemingly does away with the F12's aero bridge - the sculptured lines that were designed in the company's formula one wind tunnel to help it generate additional downforce.

It is also rumoured the car will feature a Targa-style roof - a first for the F12 - and will be called the SP America.

Ferrari has yet to release any official details on the vehicle, or which of its super-rich customers has commissioned the car.

The Special Projects division has created a number of one-off tailor-made vehicles in the past, including one based on a 458 Italia for legendary guitarist Eric Clapton